This article was first published on January 30, 2021
Consumer faith in the Robinhood platform was dashed at the end of January 2021, as the company suspended trading in cryptos and GameStop shares. Follow the events that led to the broker losing favour with day traders and see our recommended alternatives to Robinhood.
Other Brokers in New Zealand
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- Demo account
- Regulator: FMA, FSA
- Min. deposit: $0
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- Demo account
- Regulator: FCA, FSCA, FSA
- Min. deposit: $50
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- Demo account
- Platforms: MT4, MT5, TradingCentral
- Min. deposit: $5
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- Demo account
- Min. deposit: $100
- Min. trade: 0.01 Lots
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- Demo account
- Regulator: FSC
- Platforms: R StocksTrader, MT4, MT5, TradingView
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- Demo account
- Regulator: ASIC, CySEC, FSA, SCB, CMA-Kenya
- Min. deposit: $200
Learn how we test brokers and why you can trust our ratings.
Here is a summary of why we recommend these brokers in October 2026:
- BlackBull 4.5/5 BlackBull is a New Zealand-based CFD broker providing diverse trading opportunities on over 2,180 instruments. After undergoing a rebrand in 2023, it now sports a modern look and feel complete with professional-grade trading tools and ultra-fast execution speeds averaging 20ms.
- Moneta Markets 4.4/5 Founded in 2019 and headquartered in Johannesburg, South Africa, Moneta Markets offers over 1000 instruments for short-term trading. New traders can choose between STP and ECN accounts while the smooth sign-up process has helped attract 70,000 registered traders.
- XM 4.8/5 XM is a globally recognized forex and CFD broker with 20+ million clients in 190+ countries. Since 2009, this trusted broker has been delivering low trading fees across its growing roster of 1000+ instruments. It also offers a comprehensive MetaTrader experience that we've observed firsthand placing test trades.
- AvaTrade 4.9/5 Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience.
- RoboForex 4.5/5 RoboForex is an online broker, established in 2009 and registered with the FSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
- IC 4.8/5 IC Markets (now IC) is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 200,000 clients from over 200 countries.
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| BlackBull | 3515 | ||||
| Moneta Markets | 636 | ||||
| XM | 3133 | ||||
| AvaTrade | 13567 | ||||
| RoboForex | 773 | ||||
| IC | 2 |
BlackBull
After improving its trading infrastructure with Equinix servers in London, reducing latency for traders, BlackBull is an obvious choice if you want to day trade stock CFDs with ECN pricing. With competitive spreads and no commission on a growing roster of digital tokens paired with USD, BlackBull also works for active crypto traders.
Christian Harris, Reviewer
BlackBull quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Stocks, Indices, Commodities, Futures, Crypto
- Regulator
- FMA, FSA
- Platforms
- BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD
Pros
- After partnering with ZuluTrade and Myfxbook, alongside improvements to its own CopyTrader, and finally enabling cTrader Copy, BlackBull offers one of the most comprehensive copy trading experiences we've seen.
- BlackBull is a much greater fit for aspiring traders following the overhaul of its ECN Prime account, now featuring improved spreads averaging 0.16 on EUR/USD and a more accessible minimum deposit of $0 compared to the old $2,000.
- With two ECN-powered accounts (Standard and Prime), plus Prime+ - an active trader rewards program offering trading rebates - BlackBull accommodates beginners through to high-volume active traders.
Cons
- Although the Education Hub now features improvements like webinars and tutorials, the courses we’ve explored need more focus on explaining the wider economic factors influencing prices.
- Unlike most top brokers, BlackBull charges an irritating $5 withdrawal fee, which can detract from the overall cost-effectiveness, especially for active traders who frequently move funds.
- Despite a growing selection of 2,180+ assets, including additions to its Asia Pacific indices, they are mainly stocks with an average selection of currency pairs and indices.
Moneta Markets
With ECN pricing featuring spreads from 0 and commissions from $1, leveraged trading, and terrific charting platforms, Moneta Markets is an excellent broker for experienced day traders.
Christian Harris, Reviewer
Moneta Markets quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, ETFs, Crypto
- Regulator
- FCA, FSCA, FSA
- Platforms
- AppTrader, ProTrader 2.0, MT4, MT5, TradingCentral
- Minimum Deposit
- $50
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, NZD, JPY, HKD, SGD, BRL
Pros
- Moneta Markets makes account funding a breeze, with plenty of account currencies, zero transfer fees and a wide selection of traditional, digital and now crypto-backed payment methods.
- Registering for an account with Moneta Markets is quick and easy through the digital sign-up process, taking just a few minutes with an accessible $50 minimum deposit.
- Moneta Markets supports a growing suite of 1000+ tradable assets, with a particularly strong selection of commodities and more recently fresh index CFDs.
Cons
- The best pricing is reserved for traders who deposit $20,000 for the ECN Ultra account, putting it out of reach for most retail investors.
- While trading costs are generally competitive, index CFDs feature fairly high spreads especially on US products like the S&P 500, trailing IC Markets during testing.
- Although regulated by the FSCA, trading through the Seychelles-based entity may result in limited regulatory protections due to its offshore base and lax mandated account safeguards.
XM
With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years.
Christian Harris, Reviewer
XM quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
- Regulator
- CySEC, DFSA, FSCA, SCA, FSA, FSC-Belize, FSC-Mauritius, CMA-Kenya, CMA-UAE
- Platforms
- MT4, MT5, TradingCentral
- Minimum Deposit
- $5
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, JPY, ZAR
Pros
- XM has rolled out platform upgrades with integrated TradingView charts and an XM AI assistant, delivering faster execution, smarter analysis, and a sleeker, more intuitive trading experience.
- XM’s customer support has delivered over years of testing, with 24/7 assistance in 30 languages, response times of under 2 minutes and a growing Telegram channel.
- XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.
Cons
- While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
- Although trusted and generally well-regulated in some regions, XM also has global entities registered with the weak regulators like FSC (Belize) and FSA (Seychelles), whilst UK clients are no longer accepted, reducing its market reach.
- XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable solution for a more beginner-friendly user experience with unique features.
AvaTrade
AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets.
Jemma Grist, Reviewer
AvaTrade quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
- Regulator
- ASIC, CySEC, FSCA, ISA, CBI, JFSA, BVI, FSRA/ADGM, AFM, CMA-Kenya, CIRO (via Friedberg Direct)
- Platforms
- WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingView, TradingCentral, DupliTrade
- Minimum Deposit
- $100
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, ZAR
Pros
- AvaTrade launched AvaFutures to offer low-margin access to global markets, then expanded in 2025 as one of the first brokers to add CME’s Micro Grain Futures, and then later in the year went further by integrating with TradingView.
- Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
- Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
Cons
- The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
- AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
- While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
RoboForex
RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists.
Christian Harris, Reviewer
RoboForex quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Crypto
- Regulator
- FSC
- Platforms
- R StocksTrader, MT4, MT5, TradingView
- Minimum Deposit
- $10
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR
Pros
- RoboForex offers over 12,000 instruments, providing more short-term trading opportunities than the vast majority of online brokers, with forex, stocks, indices, ETFs, commodities, and futures.
- RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
- RoboForex secured the 'Best Forex Broker 2025' title in DayTrading.com's Awards after broadening their FX offering, cutting spreads and opening up services in various countries.
Cons
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
- RoboForex provides a variety of account types, which, while offering flexibility, can be overwhelming for newer traders trying to choose the most suitable option for their trading style. Alternatives, notably eToro, provide a smoother entry into online trading with one retail account.
- While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
IC
IC (formerly IC Markets) offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders.
Christian Harris, Reviewer
IC quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
- Regulator
- ASIC, CySEC, FSA, SCB, CMA-Kenya
- Platforms
- MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower
- Minimum Deposit
- $200
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- IC offers fast and dependable 24/7 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- IC offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- While IC offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
WallStreetBets & GameStop
Buoyed by insider knowledge that Wall Street hedge funds had millions in short positions on the high street gaming retailer, Redditors jumped to purchase shares in the firm, causing a surge in the value of stocks.
In reaction, Robinhood suspended trade on GameStop shares to comply with ‘financial requirements’ the platform’s CEO Vlad Tenev confirmed.
Whilst heavily restricted, trade has now resumed after the firm raised $1 billion in emergency investment. But the damage to consumer confidence still remains.
Angry investors posted a barrage of 1-star reviews for the app on the Google Play Store. These have recently been deleted by Google, returning Robinhood’s average star rating to four.
Crypto Trading Suspended
In the wake of the volatility, other markets have also seen disruption.
Gold prices declined 0.2% and UK short positions in Cineworld and Pearson were also impacted. However, it was cryptos that saw volatility in particular.
The price of dogecoin, a relatively unknown crypto, soared by 800% after it gained traction on social media.
The spike in price and market activity led to Robinhood suspending instant cryptocurrency deposits on Friday, citing ‘extraordinary market conditions’.
For the second time in one week, the broker acted as a barrier between its customers and the financial markets. It was perhaps unsurprising then that loyal day traders were once again up in arms.
Alternatives To Robinhood
Retail day trader interest has quickly turned to alternatives to Robinhood. Competitor brokerages that offer stock trading and options are seeing a pique in new accounts.
eToro
Top alternatives to Robinhood include eToro, a social trading platform that offers trading in stocks, cryptocurrencies and CFDs. Clients can utilise social feeds to discuss strategies and copy positions. 50+ currencies, nearly 1,000 stocks and a portfolio of indices are also available.
In addition, the broker provides its own powerful trading platform with extensive customisation and a user-friendly dashboard.
Forex.com
Forex.com is one of the top rated online brokers offering access to over 180 global markets. Leveraged trading is available on forex, stocks, commodities and cryptos.
The broker also offers multiple live account options, competitive floating spreads and a choice of flexible deposit and withdrawal options.
Add in daily market updates and approval from a long list of respected regulators and it’s unsurprising Forex.com is a popular alternative to Robinhood.
Pepperstone
For those with an interest in forex trading, Pepperstone offers trading on six major currency pairs, as well as numerous minors, crosses and exotics.
CFDs are available on major instruments such as indices, commodities and shares. Australian-based Pepperstone also provides the leading MT4 and MT5 platforms, alongside a competitive £200 minimum deposit requirement to meet the needs of novice traders.
Final Word
The GameStop and crypto disruption has proven the volatility of financial markets and the risks involved. The reaction of Robinhood has also shown that not all brokers will respond how customers would expect. As a result, many traders will look for alternatives to Robinhood.
Fortunately, there are many top brokers available in today’s market.